Warren Buffett's mid-1963 letters to partners. He reports a first-half gain of 14% against the Dow's 10%, but reminds partners the edge should come in down markets, not rising ones. The centerpiece is the completion of the Dempster Mill story — how Harry Bottle's turnaround converted a failing manufacturer's assets into a $2 million securities portfolio and lifted the holding's value to roughly $65 a share. Buffett also shares his philosophy on taxes (\"pay large amounts of income taxes — at low rates\") and why he'll happily borrow and lend at 6%.
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